Almost 200 homes bought so far in Northampton under Help to Buy scheme

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Just under 200 houses have been bought in Northampton under the Help to Buy scheme since it was launched by the Prime Minister in October.

Prime Minister David Cameron visited Weston Favell (pictured above) as well as the Drapery branch of NatWest bank last year to promote the scheme.

His office said today Help to Buy - which enables people to buy a newly-built home with a deposit of at least five per cent, while the Government offers a loan of up to 20 per cent - has seen 193 completions so far.

Mr Cameron said: “As Britons, home ownership is in our blood. It’s about aspiration, planning for the future and laying down roots.

“But we inherited a situation where for many people, buying a home seemed all but impossible; people who worked hard, had good jobs and could afford the monthly mortgage payments, but didn’t have the large deposit needed up front. For those without rich parents, the dream of home ownership remained just that: A dream.

“Today, Help to Buy has helped 193 hard-working people in Northampton to buy a new home and, crucially, it is helping to increase the number of new homes being built around the country too.”

Some economists have raised fears that the scheme could expose the tax payer to risk if buyers could not afford the monthly payments.

But Stewart Baseley, executive chairman of the Home Builders Federation, said: “After a number of years when house building levels fell to a record low level, all indicators show supply is now increasing rapidly.

“The Help to Buy Equity Loan scheme is supporting demand for new build homes - and if buyers can buy, builders can build.

“Its extension provides certainty about longer–term demand that will allow the industry to plan ahead, rebuild capacity lost in the downturn and ultimately deliver sustainable increases in supply.”